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Business Loans Explained

What are business loans?

A business loan is any type of financing that is used to fund business expenses. This can include anything from paying/expanding staff, purchasing equipment/inventory, and adding/expanding locations!

Depending on the type of financing your business needs, you can find options that don’t require too much detailed information about you or your business to qualify!

What kinds of commercial loan products are available?

Term loans- Business term loans are commonly unsecured and ideal for covering a one-time expense. You receive a lump sum — typically anywhere from $5,000 to $5 million — that you pay back plus interest and fees over five to 25 years.

SBA loans- The Small Business Administration (SBA) offers several loan programs for business owners who’ve struggled to qualify for financing in the past. These are typically term loans that come with more competitive rates since they’re partially backed by the government. However, the application process can take months to complete!

Equipment and Vehicle Financing- These small business loans work like other loans, but they’re secured by the equipment or vehicle your business is purchasing. Rates tend to be a bit lower, but you risk losing your assets (namely your new trucks, or construction vehicles) should you default.

Short-term business loans and Revolving Lines- Short-term business loans — typically merchant cash advances — are ideal for businesses that need emergency funds fast. While they’re typically easier to qualify for, they’re more expensive than the other options on this list. And repayments are usually due daily, weekly or over a span of months.

These are just a few of the most common loan products but there are several more!

How much capital is available?

You may be able to borrow anywhere from $10,000 to $20 million to fund your business. The exact amount depends on how long you’ve been operating as a business, your monthly revenue, and your credit score(FICO scores may be as low as 480-500+).

How to apply for a business loan.

The application process at Alias Brokerage is easy! You can apply on-line right here.

What do I need to get funding for my business?

The information you need to provide will vary depending on the type of business loan you’re applying for. In most cases, you may need to have the following documents on hand:

  • Proof of monthly revenue

  • Business bank statement/s

  • Voided business check/s

  • Government-issued ID for each business owner

How long does it take to get a business loan?

In most cases Alias Brokerage obtains same day approval on business loans, with most businesses funded within 24 hours! Even with poor credit!

Web-based firms like Alias Brokerage may be able to offer you an instant approval decision, and SAME DAY FUNDING!